More Than 25,000 Fleet Vehicles Have Already Joined the Program
Cupertino, CA –March 1, 2004 – On Track Innovations Ltd, (OTI) (NASDAQ: OTIV; Prime Standard [Frankfurt]: OT5), a global leader in contactless microprocessor-based smart card solutions, announced today the completion of the 200th gas station of Turcas Petrol A.S, the fourth largest producer and distributor of petroleum products in Turkey, with OTI contactless petroleum payment solution. In 2003, 70 million liters (18.5 million gallons) went through the system. This signals another country that has adopted OTI petroleum payment solutions and another oil company to enjoy the benefits of the product.
OTI’s petroleum payment system benefits both oil companies and commercial fleet operators. The program monitors and expedites the fueling and payment process, and permits the fueling of designated vehicles only, eliminating potential fraud. In addition, the system provides comprehensive billing, while reporting fuel consumption and mileage.
Late last year, OTI announced new EasyFuelTM wireless petroleum payment system installations in Mexico and Spain. In addition, OTI recently reported that its petroleum payment program, branded as FuelMasterTM by BP in Southern Africa, reported record volume growth – from 100M liters (26M gallons) in 2002 to 175M liters (46M gallons) in 2003. This increase makes the FuelMasterTM payment system one of the most successful launches of a payment program in the petroleum industry.
Moshe Aduk, Vice President of OTI’s Petroleum Solutions, said “The addition of the 200 Turcas Petrol A.S. locations and 25,000 vehicles to OTI’s petroleum payment program represents an important milestone for OTI. Following our announcement about implementations in Mexico and Spain, and based on the success of BP FuelMasterTM program in Southern Africa, the Turcas Petrol A.S. program is another testimony to OTI’s strength in the petroleum payment business.”
Peter Rubinstein, President of Karizma Elektrik Elektronik Ltd., which distributes OTI’s petroleum payment solution in Turkey, said: “We found OTI’s petroleum payment solution to be reliable and innovative. It provides a strong value proposition for our customers and we expect the success of the system to continue.”
Established in 1990, OTI (NASDAQ: OTIV, Prime Standard: OT5) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, micropayments, mass transit ticketing, parking, loyalty programs, ID and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the prestigious ESCAT Award for smart card innovation in both 1998 and 2000. Major clients include: MasterCard International, Atmel, BP, Scheidt & Bachmann, EDS, Repsol, the Government of Israel and ICTS. For more information on OTI, visit www.otiglobal.com http://www.otiglobal.com/ .